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Investors need to be prepared for the inevitable moment US President Donald Trump says or does something that has a serious market impact, says Pie Funds chief executive Mike Taylor.

"We should expect that at some point - whether it is next week, six months, two years, three years away - he will do something that will have an effect," he said. "So be prepared for that eventuality."

Wall street has had a strong run since Trump was elected on November 8, with the major indices reaching record highs and the Dow Jones going through 20,000 points.

However Taylor said he was not convinced by the idea of a "Trump rally".

The global economy had experienced good growth in the last quarter of 2016 and that probably had more to do with the rally than Trump, he said.

"You only have to look at Europe and the UK, which have been doing just as well."

Meanwhile, the first signs of markets being rattled by Trump's policies emerged this week as Wall Street fell following the immigration ban and the backlash that created.

Where previously there had been expectations that a Trump victory would mean more spending and stimulus for the US economy doubts have been creeping in around his ability to deliver that stimulus and whether it can compensate for the negative impact of heightened global trade tensions.

"There is certainly a case to argue that they [the US] don't need fiscal stimulus from Trump," Taylor said.

Markets were likely to remain focused on US earnings season which is now in full swing.